Thailand is on its way to becoming the first country in Asia to legalize medical marijuana with hopes of being able to cash in on the multi-billion industry. 

According to Yahoo!, a draft bill has been sent to the military junta's National Legislative Assembly to permit the legal use of the herbal substance. "We have submitted the bill to the speaker," said chairman of the NLA's standing committee of public health Jet Sirathraanon. He added that the bill would permit use of marijuana, "for medication only, not for recreation." Sirathraanon said the bill will have its first reading in less than a month.

Marijuana is currently illegal in Thailand with very harsh penalties for anybody trafficking the drug. With its current pursuit of legalization, the Asian country would be joining other countries around the world like Canada, Australia, Israel, and select states in the United States.

Sirathraanon is citing the potential monetary benefits that medicinal marijuana could have on Thailand's economy, as well as its benefits for patients in pain as major reasons for legal consideration. The chairman also even said that Thailand has, "the best marijuana in the world."

Others agree. "Today, Thailand can produce awesome cannabis at a fraction of the cost of Western growers," said VP of Marketing at the Thai Cannabis Corporation Jim Plamondon. "Any company that is serious about cannabis should start moving its supply chain to Thailand."

Earlier this month, Canada experienced its first day of legalized recreational marijuana use. Cannabis was literally selling out like a limited pair of sneakers on release day due to the low supply and high demand. Let's see if Thailand will be the next country to make a major shift to its laws in response to the world's increasing acceptance of marijuana.